Intellitec Products was named among the top 50 second-stage companies in Florida selected as 13th Annual GrowFL Florida Companies to Watch honorees – a statewide awards program that identifies companies expected to see significant growth over the next several years.
Companies to Watch was developed by the Edward Lowe Foundation to recognize and honor second-stage companies that demonstrate high performance in the marketplace with innovative strategies and processes. In addition to evaluating past growth and projected success, applicant companies are judged according to their special strengths and impact in their markets, communities and within the state – thus deeming them “worth watching.”
Seventy-one finalists were announced earlier this year, and the 50 honorees were selected after a final round of judging by a panel of past honorees, economic development leaders and corporate partners of GrowFL.
Companies were judged on a number of criteria including growth in number of employees; impact of the business in the job market; increase in sales and/or unit volume; current and past financial reports; innovativeness of the product or service; response to adversity; and contributions to aid community-oriented projects.
“GrowFL Florida Companies to Watch was designed to celebrate the spirit of entrepreneurship and to shine a spotlight on the deserving second-stage businesses in our state,” said Jennifer Taylor, president and CEO of GrowFL. “Second-stage companies are the lifeblood of our economy, creating jobs and fueling prosperity. This diverse group, spanning 20 different counties, representing 18 different industries and 32% of them being woman, veteran or minority owned proves Florida is a place where entrepreneurs can thrive. We look forward to celebrating their success for years to come.”
“Our team at Intellitec Products is honored to receive this prestigious recognition. We recapitalized the Company in 2021 allowing us to purchase our 11-acre campus with 34,000 feet of facilities, dramatically expand our manufacturing capabilities and capacity and invest in product development,” said Ned Schiff, president of Intellitec Products.
“Intellitec has experienced strong growth in revenues through new products, new markets and contract manufacturing to meet the growing demand for U.S. manufactured electronic products over the past few years. We are even more excited for the future as we launch a number of new products for the RV, marine and specialty vehicle markets. We are focused on providing value to our customers through innovative and cost-effective products,” Schiff added.
To qualify for the award, companies must be headquartered in Florida and have between six and 150 employees and revenue between $750,000 and $100 million. From 2019 through 2022, the companies generated close to $2 billion in revenue and added 871 employees, reflecting a 99% increase in revenue and a 62% increase in jobs for the four-year period. That translates into a 27% average annual revenue growth and a 19% average annual growth in employees.
The 13th Annual GrowFL Florida Companies to Watch awards celebration is sponsored by Duke Energy and Nperspective CFO & Strategic Services, in association with the Edward Lowe Foundation. Companies named to the list will be officially recognized on Feb. 15, 2024, at the Hard Rock Live in Universal CityWalk, Orlando.
